Maharashtra pitches for Belgium investments

Mumbai: Maharashtra's chief minister Devendra Fadnavis aggressively promoted the idea of Belgian investments into Maharashtra, aiming to capitalize on the free trade agreement (FTA) between India and the European Union (EU). Addressing a gathering of Belgian and Indian businessmen, Fadnavis suggested that Belgian firms interested in investing in India should consider Maharashtra as their base.

He emphasized that while Belgium has invested $4.2 billion in India since 2000, this figure is insufficient given the country's size. Fadnavis urged Maharashtra to become the demonstration state for India-EU partnership, promising to provide assistance and nominate a team for investments in the state. He outlined six industries for collaboration: advanced manufacturing, semiconductors, clean energy, pharmaceuticals and biotechnology, ports, and diamonds.

Commerce Minister Piyush Goyal highlighted the potential of the India-EU trade deal to double bilateral trade by 2032, from the current $140 billion. Goyal praised Maharashtra as an inviting place for business, boasting strong financial and commercial hubs and being the fastest-growing economy in the country. Meanwhile, Belgium's Prime Minister Bart De Wever endorsed the FTA, calling for the elimination of tariffs on over 95% of Indian and European goods, particularly in the port of Antwerp, which exports 80% of its GDP annually.